Confirm this happens, but it isn’t necessarily related to Mountain Lion. I had Hypersonic 2 running fine on ML on my old MacPro, but when I started using the newer MacPro, I get this message the first time I open H2 in a new project. Once I’ve located the folder, it seems to remember where the folder is until the next day. Very annoying, I really like H2 for some of the sounds and it’s small cpu usage.
I seem to have lost the original installation disc (still have the authorisation on elicencer, obviously) and I can’t find a copy of H2 in the legacy ftp download section - they have Hypersonic 1 and 1.1 but not H2. Does anyone know if it’s available anywhere?